For the past 1 month, the 1110 level on SPX has been tested at least about 8 times.
Nov 16, 17, 18, 23 and 25
Dec 1, 2 and 3.
Looking at the Ichimoku chart, we can see that the leading kumo, highlighted in green, is flattening.
We can also compared the November performance to the previous period of October and September.
Unlike October and September, Novembers chart is much flatter with little growth.
Yesterday, we also see the index have a little sell off with above average volume. What makes it interesting is it actually breach 1110 before going down and close at a low of 1099.
I have slight bearish bias reading on SPX and believe that it will not breakthrough 1110.
The 2 levels that I will be watching is 1110 for resistance and 1091 for support.